The spot rate is currently testing the upper limit of its medium term bullish channel in 1.3300 and seems to initiate a decline. However a break of these levels would free up significant potential and initiate a bullish trend more violent.
RSI provides buyers signals and approaching to the overbuy zone supporting the assumptions of a decline. Bollinger bands are stabilized showing a more regular volatility.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.3300 with a 1st objective of 1.3360, then 1.3390. A break in 1.3280 would invalidate this scenario.
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